Iraq - Economy
How is the economy of Iraq? Based on the information we have, Iraq has a highly oil-dependent Middle Eastern economy; fiscal sustainability subject to fluctuation in oil prices; rising public confidence in economic conditions; import-dependent for most sectors; persistent challenges of corruption, informal markets, banking access, and political fragility. Key agricultural products in this country include: wheat, dates, maize, tomatoes, rye, grapes, milk, chicken, potatoes, fruits (2023).
More about the economy of Iraq
| Labor force | 12.008 million (2024 est.) |
|---|---|
| Industrial production growth rate | -2.7% (2024 est.) |
| Industries | petroleum, chemicals, textiles, leather, construction materials, food processing, fertilizer, metal fabrication/processing |
| Population below poverty line | |
| Taxes and other revenues | 1.3% (of GDP) (2019 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Iraqi dinars (IQD) per US dollar - |
| Exchange rates 2024 | 1,300 (2024 est.) |
| Exchange rates 2023 | 1,312.5 (2023 est.) |
| Exchange rates 2022 | 1,450 (2022 est.) |
| Exchange rates 2021 | 1,450 (2021 est.) |
| Exchange rates 2020 | 1,192 (2020 est.) |
| Debt - external | |
| Debt - external 2023 | $15.58 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $100.691 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $112.233 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $97.009 billion (2022 est.) |
| Current account balance | |
| Current account balance 2023 | $28.375 billion (2023 est.) |
| Current account balance 2022 | $58.01 billion (2022 est.) |
| Current account balance 2021 | $24.565 billion (2021 est.) |
| Public debt | |
| Public debt 2018 | 27.4% of GDP (2018 est.) |
| Budget | |
| Revenues | $90.204 billion (2019 est.) |
| Expenditures | $64.512 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.4% of GDP (2023 est.) |
| Remittances 2022 | 0.4% of GDP (2022 est.) |
| Remittances 2021 | 0.4% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 3.7% (2023 est.) |
| Highest 10% | 24.2% (2023 est.) |
| Average household expenditures | |
| On food | 28.7% of household expenditures (2023 est.) |
| On alcohol and tobacco | 4.3% of household expenditures (2023 est.) |
| Imports | |
| Imports 2023 | $81.179 billion (2023 est.) |
| Imports 2022 | $69.162 billion (2022 est.) |
| Imports 2021 | $50.707 billion (2021 est.) |
| Imports (partners) | UAE 32%, China 20%, Turkey 18%, India 5%, USA 2% (2023) |
| Comodities Imports force | refined petroleum, cars, broadcasting equipment, jewelry, gold (2023) |
| Exports | |
| Imports 2023 | $81.179 billion (2023 est.) |
| Imports 2022 | $69.162 billion (2022 est.) |
| Imports 2021 | $50.707 billion (2021 est.) |
| Exports (partners) | China 33%, India 28%, USA 8%, Greece 5%, UAE 5% (2023) |
| Comodities Exports force | crude petroleum, refined petroleum, petroleum coke, gold, natural gas (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $585.887 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $595.082 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $592.017 billion (2022 est.) |
| GDP (official exchange rate) | $279.641 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $12,700 (2024 est.) |
| Real GDP per capita 2023 | $13,200 (2023 est.) |
| Real GDP per capita 2022 | $13,400 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 3.4% (2024 est.) |
| Industry | 51.6% (2024 est.) |
| Services | 45.8% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 41.2% (2024 est.) |
| Government consumption | 20.3% (2024 est.) |
| Investment in fixed capital | 20.6% (2024 est.) |
| Investment in inventories | 8.8% (2024 est.) |
| Exports of goods and services | 37.5% (2024 est.) |
| Imports of goods and services | -37.2% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 15.6% (2024 est.) |
| Unemployment rate 2023 | 15.5% (2023 est.) |
| Unemployment rate 2022 | 15.6% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 32.1% (2024 est.) |
| Male | 27.5% (2024 est.) |
| Female | 62.7% (2024 est.) |
All Important Facts about Iraq
Want to know more about Iraq? Check all different factbooks for Iraq below.
